Smithfield Foods Posts Mixed Results (SFD)

Smithfield Foods, Inc.

released financial results on Thursday morning that beat Wall Street earnings estimates but missed revenue expectations. Smithfield Foods, Inc announced that its 2nd quarter net income was $143.7 million, or 86 cents per share, compared to a loss of $26.4 million, or 17 cents per share, a year earlier. Excluding special items, the company reported earnings of 80 cents per share. Smithfield Foods, Inc. (

) reported revenue of $3 billion, up from $2.69 billion a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 56 cents per share, on revenue of $3.21 billion. President and chief executive officer C. Larry Pope said, "Again this quarter, we delivered solid packaged meats earnings that were within the normalized range, despite record high raw material costs. These stable earnings are the result of the Pork Group restructuring plan, which has allowed the company to continue to closely align higher production efficiencies, lower costs and a more coordinated sales and marketing focus," Smithfield Foods, Inc finished the previous trading day at $17.70 per share. The consensus price target of analysts covering the company's stock is $20.30 per share. Read more